The leading organizer of the initial public offering (IPO) of Obuv Rossii Group of Companies on the Moscow Exchange, BCS Global Markets, estimated the company at 18,3-24,6 billion rubles, follows from the BCS Global Markets analytical report, RNS writes.
From the report it follows that the valuation of the group of companies was carried out by the multiplier 8-10 EV / EBITDA 2018 of the year and 10,9-14,7 of the P / E indicator of 2018 of the year. It implies a discount of 30-58% to similar shoe and clothing retail companies from emerging markets and an 54% premium to food retailers from Russia.
According to BCS Global Markets, EBITDA of Shoe of Russia in 2018 will amount to 3,214 billion rubles in the base scenario, 3,407 billion rubles in the optimistic scenario and 3,048 billion rubles according to the conservative forecast. Another co-organizer of the initial public offering of Shoe of Russia, Citigroup, expects the retailer's EBITDA in 2018 to be 3,034 billion rubles.
After being placed on the stock exchange, the share of Shoe of Russia in free float will be approximately 40% of the increased share capital. According to Citigroup materials distributed among potential investors of Obuv Rossii GC, at present 71,4% of the issuer's charter capital belongs to the General Director of Obuv Rossii Anton Titov, 25% to the structures of the owner of Onexim Mikhail Prokhorov, 1,8% to the CFO the company Elena Ageeva another 1,8% owned by the company's operational director Julia Donina.
Group of companies Obuv Rossii founded in 2003 year, the head office is in Novosibirsk. The main business area of the Group is the production and sale of footwear and related products. Obuv Rossii develops five shoe chains: Westfalika (a single-brand classic shoe store), Rossita (a family-friendly store), Emilia Estra and Lisette (fashion shoe stores) and Pedestrian (a multi-brand shoe supermarket), as well as shoe brands and clothes for an active lifestyle S-tep, All.go and Snow Guard. The Shoe of Russia shoe network currently has more than 500 stores in more than 140 cities. The company's revenue under IFRS in 2016 amounted to 10 billion rubles, net profit - 1,2 billion rubles. The company has online stores westfalika.ru, westfalika-home.ru, emilia-estra.ru, rossita.com.